Payday or a RePayment Day?

For many of us, Friday is a Payday and it’s time to celebrate. However, for some of the people Friday is a “Payday Loan Repayment day” and that is not a very good thing.

The network of payday lenders has been increasing in almost every town and city and you would probably find a payday lender near your neighborhood. In Canada, payday lenders are present virtually everywhere. It has been estimated that in the United States the number of payday lenders are greater than the total number of McDonalds and Starbucks combined. Canada is quickly following where US is today.

If you still don’t know what payday lenders are, here’s a brief explanation. Pay day loans are short-term loans that people take when on an extremely tight budget or when they need an urgent cash. So, whenever people feel that they require cash to manage their expenses, they go to a local payday lender. The payday lender asks for a post-dated cheque or the permission to withdraw money directly from your bank for the balance of the loan and his interest charges and fees. This is what makes payday loans dangerous.

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